Apps increase in latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) has released its Weekly Mortgage Applications Survey for the week ending July 10, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 514.4, an increase of 4.3 percent on a seasonally-adjusted basis from 493.1 one week earlier. On an unadjusted basis, the Index increased 15.3 percent compared with the previous week and decreased 2.7 percent compared with the same week one year earlier. The Refinance Index increased 17.7 percent to 2009.4 from 1707.7 the previous week and the seasonally-adjusted Purchase Index decreased 9.4 percent to 258.8 from 285.6 one week earlier. The four-week moving average for the seasonally-adjusted Market Index remained unchanged this week. The four-week moving average is down 0.2 percent for the seasonally-adjusted Purchase Index, while this average is up 0.2 percent for the Refinance Index. The refinance share of mortgage activity increased to 54.9 percent of total applications from 48.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5.0 percent from 4.4 percent of total applications from the previous week. The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.05 percent from 5.34 percent, with points decreasing to 1.12 from 1.13 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.59 percent from 4.83 percent, with points increasing to 1.07 from 1.06 (including the origination fee) for 80 percent LTV loans. The average contract interest rate for one-year ARMs decreased to 6.47 percent from 6.58 percent, with points decreasing to 0.11 from 0.14 (including the origination fee) for 80 percent LTV loans. For more information, visit www.mortgagebankers.org.